Washington, D.C. Congressman Dave Loebsack released the following statement after the President spoke at the University of Iowa about the need to prevent student loan interest rates from doubling, from 3.4 percent to 6.8 percent, on July 1st. Loebsack is a cosponsor of H.R. 3826, which would ensure the increase does not occur. Loebsack welcomed the President to Iowa at the Eastern Iowa Airport and attended his speech at the University of Iowa Field House.

“I was pleased President Obama chose the University of Iowa to highlight the looming rate increase if Congress does not take action. This issue truly impacts many Iowans. In fact, over the past year more than 3,900 people have contacted me with their concerns about the cost of college and student loans. This is not all that surprising given that college grads in Iowa leave school with some of the highest debt load in the country. They cannot afford a rate increase.

“I grew up in poverty, worked my way through college and relied on financial aid to pay for tuition. I know firsthand the difference that a college education can make in a student’s life. No student should be turned away or lose out on attending college because their family can’t afford to pay tuition. Congress must act to avoid this rate increase.”

During his time with the President, Loebsack also raised the need for bipartisan support in passing a long-term transportation bill.

“I talked with the President about an issue central to job creation and economic development in Iowa – transportation. Iowans are sick of the bickering and partisan politics and are demanding that the work get done, which is why I have crossed party lines time and again to try and pass a Highway Bill. I strongly urged the President to engage on a bipartisan basis to finally move a long-term transportation bill so projects critical to Iowa’s families, businesses and farmers can move forward.”